Yes, you should enter the 1099-R because the code in Box 7 tells the IRS exactly what you did. It will not tax the distribution on your 2025 tax return except and unless you did get the earnings. The earnings will be the only taxable part on your 2025 tax return and should show on your form.
- Code R –Recharacterized IRA contribution made for 2024 and recharacterized in 2025
- If there is any federal withholding that must also be entered to receive your credit.
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